Distributions on the Notes Sample Clauses

Distributions on the Notes. Pursuant to Section 5.4(b) of the Indenture, on each Payment Date, the Indenture Trustee, with respect to the Notes, and the Paying Agent, with respect to the Transferor Interest, shall distribute out of the Distribution Account, the following amounts and in the following order of priority to the following Persons (based on the information set forth in the Indenture Trustee’s Certificate and Statement to Noteholders): I. Noteholder Interest Collections applied as follows: (i) to the extent not otherwise paid by the Master Servicer or if First Tennessee Bank National Association is not the Master Servicer, to the Indenture Trustee, the Indenture Trustee Fee; (ii) to the Insurer, the Premium Amount for such Due Period; (iii) to the holders of the Notes, an amount equal to the Interest Distribution for the Notes for such Payment Date; (iv) to the holders of the Notes, as a payment of principal, Noteholder Charge-Off Amounts for the related Due Period; (v) to the holders of Notes as a payment of principal, Noteholder Charge-Off Amounts incurred during previous Due Periods that were not subsequently funded by either Noteholder Interest Collections, Distributable Excess Spread or Insurance Policy Draw Amounts; (vi) to the Insurer, the amount owing under the Insurance and Indemnity Agreement as reimbursement for prior draws made under the Insurance Policy; (vii) to the Noteholders, as a payment of principal, the Distributable Excess Spread for such Payment Date; (viii) to the Insurer any other amounts owed to the Insurer pursuant to the Insurance and Indemnity Agreement; (ix) to the holders of Notes, any LIBOR Interest Carry Over Amount that remains unpaid; (x) to the Master Servicer or other person entitled thereto amounts required to be paid by the Trust pursuant to Section 6.03 (including any unpaid Indenture Trustee expenses and indemnities); and (xi) to the owner of the Transferor Interest, the balance, if any. II. Principal Collections applied as follows: (i) to the Noteholders, the lesser of the Noteholder Principal Distribution Amount and the Note Principal Balance; (ii) to the Insurer, as reimbursement for prior draws made under the Policy to the extent not reimbursed pursuant to clauses I(vi) and (viii) above; (iii) to the extent of such amounts remaining to be paid after application of funds pursuant to clause I(x) above, to the Master Servicer or other person entitled thereto amounts required to be paid by the Trust pursuant to Section 6.03; and (iv) ...